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TravelCenters of America LLC Announces Third Quarter 2009 Results.

WESTLAKE, Ohio Westlake is a city in Cuyahoga County, Ohio, United States. The population was 31,719 at the 2000 census. Geography
Westlake is located at  (41.454439, -81.928657)GR1.
 -- TravelCenters of America TravelCenters of America (TA) is the largest truck stop chain[1] in the United States and Ontario, Canada.
The majority of customers are RV's and professional truck drivers.

The company's headquarter is located in Westlake, Ohio.
 LLC (Logical Link Control) See "LANs" under data link protocol.

LLC - Logical Link Control
 (NYSE NYSE

See: New York Stock Exchange
 Amex: TA), or TA, today announced financial results for the three and nine months ended September 30, 2009.

In addition to the historical financial results prepared in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[]

As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh.
 with generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records.

Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting
 and presented in this press release, TA is furnishing supplemental data that it believes may help investors better understand TA's business. Included in this supplemental data is same site operating data that includes operating data for all of the travel centers in operation on September 30, 2009, that were operated by TA continuously during the comparative periods presented. Also included is a presentation of earnings before interest, taxes, depreciation, amortization and rent, or EBITDAR Earnings Before Interest, Taxes, Depreciation, Amortization, and Restructuring Costs - EBITDAR

An indicator of a company's financial performance calculated as:

= Revenue - Expenses (excluding tax, interest, depreciation, amortization, and restructuring costs)
, along with EBITDAR excluding the impact of certain noncash items and certain items that TA considers to be nonrecurring and other items described, or Adjusted EBITDAR.

At September 30, 2009, TA's business included 233 sites, 166 of which were operated under the "TravelCenters of America" or "TA" brand names and 67 that were operated under the "Petro" brand name.
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(1) Basic and diluted di·lute  
tr.v. di·lut·ed, di·lut·ing, di·lutes
1. To make thinner or less concentrated by adding a liquid such as water.

2. To lessen the force, strength, purity, or brilliance of, especially by admixture.
 losses per share for the three and nine months ended September 30, 2008, have been adjusted to reflect the requirements of a new accounting pronouncement effective for TA beginning January 1, 2009.

Quarterly Business Commentary

During the three months and nine months ended September 30, 2009, the continued difficult economic conditions in the U.S. presented TA with significant operating challenges. TA experienced, on a same site basis, moderating declines in fuel sales volumes during the nine months ended September 30, 2009 as compared to the same period in 2008:
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Capital Expenditures and Liquidity

During the nine months ended September 30, 2009, TA invested $23.3 million in capital projects and received $5.7 million of cash from its principal landlord, Hospitality Properties Trust, or Hospitality Trust, from the sale of qualifying leasehold improvements Leasehold Improvement

Improvements on a leased asset that increase the value of the asset.

Notes:
A leasehold improvement is classified as an asset that must be depreciated over time.
 with no corresponding increase in rent. TA's previously announced capital plan for 2009 anticipated expenditures of approximately $60 million. Based in part on rescheduling of certain projects and in part upon aggressive value engineering, TA's current capital plan for 2009 anticipates expenditures of approximately $35 million to $40 million, some of which may be sold to Hospitality Trust under the lease agreements TA has entered with Hospitality Trust.

Pursuant to an arrangement with Hospitality Trust, TA has the option to defer de·fer 1  
v. de·ferred, de·fer·ring, de·fers

v.tr.
1. To put off; postpone.

2. To postpone the induction of (one eligible for the military draft).

v.intr.
 up to $5 million of rent for each month during 2009 and 2010. Amounts deferred and unpaid interest thereon there·on  
adv.
1. On or upon this, that, or it.

2. Archaic Following that immediately; thereupon.

Adv. 1. thereon - on that; "text and commentary thereon"
on it, on that
 are due no later than July 1, 2011. TA has taken all deferrals available to date, including $45 million during the nine months ended September 30, 2009 and $30 million during 2008.

At September 30, 2009, TA had approximately $185.3 million in cash and cash equivalents. TA also maintains a $100 million revolving secured bank credit facility. At September 30, 2009, no amounts were outstanding under this facility, but a portion of the facility was utilized to support letters of credit required by TA in the ordinary course of its business. TA also owns various unencumbered Unencumbered

Property that is not subject to any creditor claims or liens.

Notes:
For example, if a house is owned free and clear (meaning the owner owes no mortgage to anyone), it is unencumbered.
 real estate and other assets other assets

Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately.
 that may be additional sources of liquidity over time, to the extent they can be financed or sold.

Conference Call:

On Monday, November 9, 2009, at 10:00 a.m. Eastern Time, TA will host a conference call to discuss its financial results for the three and nine months ended September 30, 2009. Following management's remarks, there will be a question and answer period.

The conference call telephone number is 800-306-6784. Participants calling from outside the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area.  and Canada should dial 913-312-0840. No pass code is necessary to access the call from either number. Participants should dial in about 15 minutes prior to the scheduled start of the call. A replay of the conference call will be available for about a week after the call. To hear the replay, dial 719-457-0820. The replay pass code is 1818423.

A live audio webcast of the conference call will also be available in a listen only mode on our web site at www.tatravelcenters.com. To access the webcast, participants should visit our web site about five minutes before the call. The archived webcast will be available for replay on our web site for about one week after the call.

About TravelCenters of America LLC:

TA's travel centers operate under the "TravelCenters of America", "TA" and "Petro" brand names and offer diesel and gasoline gasoline or petrol, light, volatile mixture of hydrocarbons for use in the internal-combustion engine and as an organic solvent, obtained primarily by fractional distillation and "cracking" of petroleum, but also obtained from natural gas, by  fueling services, restaurants, truck repair facilities, stores and other services. TA's nationwide business includes travel centers located in 41 U.S. states A U.S. state is any one of the fifty subnational entities of the United States, although four states use the official title "commonwealth". The separate state governments and the federal government share sovereignty, in that an American is a citizen both of the federal entity and  and in Canada.

WARNING CONCERNING FORWARD LOOKING STATEMENTS

THIS PRESS RELEASE CONTAINS STATEMENTS THAT CONSTITUTE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and  OF 1995 AND OTHER FEDERAL SECURITIES LAWS. ALSO, WHENEVER TA USES WORDS SUCH AS ''BELIEVE'', ''EXPECT'', ''ANTICIPATE'', ''INTEND'', ''PLAN'', ''ESTIMATE'' OR SIMILAR EXPRESSIONS, TA IS MAKING FORWARD LOOKING STATEMENTS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON TA'S PRESENT INTENT, BELIEFS OR EXPECTATIONS, BUT FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN OR IMPLIED BY THESE FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS. AMONG OTHERS, THE FORWARD LOOKING STATEMENTS WHICH APPEAR IN THIS PRESS RELEASE THAT MAY NOT OCCUR INCLUDE:

* TA'S DESCRIPTION OF THE RENT DEFERRAL deferral - Waiting for quiet on the Ethernet.  AGREEMENT WITH HOSPITALITY TRUST MAY IMPLY THAT THE RENT DEFERRAL AMOUNTS TOGETHER WITH CASH ON HAND AND PROVIDED BY TA'S OPERATING ACTIVITIES WILL BE SUFFICIENT TO ALLOW TA TO GENERATE POSITIVE CASH FLOW FROM OPERATIONS Cash flow from operations

A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses
 AND TO MEET ITS OBLIGATIONS DURING THE RENT DEFERRAL PERIOD. IN FACT, TA MAY NOT BE ABLE TO GENERATE POSITIVE CASH FLOW FROM OPERATIONS OR MEET ITS OBLIGATIONS;

* THIS PRESS RELEASE STATES THAT TA'S PLANNED CAPITAL PROJECTS FOR 2009 MAY COST APPROXIMATELY $35 MILLION TO $40 MILLION TO COMPLETE. HOWEVER, THE AMOUNT AND TIMING OF CAPITAL EXPENDITURES ARE OFTEN DIFFICULT TO PROJECT. SOME CAPITAL PROJECTS COST MORE THAN ANTICIPATED AND TA MAY SPEND MORE THAN $40 MILLION TO COMPLETE ITS CAPITAL PROJECTS. CURRENTLY UNANTICIPATED PROJECTS THAT ARE REQUIRED TO BE COMPLETED MAY ARISE AND CAUSE TA TO SPEND MORE THAN CURRENTLY ANTICIPATED. SOME CAPITAL PROJECTS TAKE MORE TIME THAN ANTICIPATED AND TA MAY NOT COMPLETE THESE CAPITAL PROJECTS IN 2009. AS A RESULT OF MARKET CONDITIONS, TA MAY DEFER CERTAIN CAPITAL PROJECTS AND SUCH DEFERRAL MAY HARM TA'S BUSINESS OR REQUIRE IT TO MAKE LARGER AMOUNTS OF CAPITAL EXPENDITURES IN THE FUTURE. THE CAPITAL PROJECTS COMPLETED MAY NOT INCREASE TA'S SALES OR MARGINS; AND

* THE STATEMENT IN THIS PRESS RELEASE THAT TA HAD $185.3 MILLION OF CASH AND CASH EQUIVALENTS AT SEPTEMBER 30, 2009 AND THAT A PORTION OF TA'S BANK CREDIT FACILITY IS UNUSED MAY IMPLY THAT TA HAS ABUNDANT WORKING CAPITAL AND CASH LIQUIDITY. IN FACT, TA'S REGULAR OPERATIONS REQUIRE LARGE AMOUNTS OF WORKING CASH AND TA'S BANK CREDIT FACILITY IS SUBSTANTIALLY USED TO SECURE LETTERS OF CREDIT. TA RELIES ON SOME OF ITS CASH ACCOUNTS TO SERVE AS COLLATERAL UNDER ITS CREDIT FACILITY AND TA HAS DEFERRED, AS OF SEPTEMBER 30, 2009, PAYMENT OF $75 MILLION OF RENT PAYABLE TO HOSPITALITY TRUST, WHICH TOGETHER WITH ANY UNPAID INTEREST THEREON, TA MUST REPAY BY JULY 1, 2011. ACCORDINGLY, TA MAY NOT HAVE SUFFICIENT WORKING CAPITAL OR CASH LIQUIDITY.

THESE UNEXPECTED RESULTS OF TA'S FORWARD LOOKING STATEMENTS MAY BE CAUSED BY VARIOUS FACTORS, SOME OF WHICH ARE BEYOND TA'S CONTROL, INCLUDING:

* FUTURE FUEL PRICE INCREASES, FUEL PRICE VOLATILITY OR OTHER FACTORS MAY CAUSE TA TO NEED MORE WORKING CAPITAL TO MAINTAIN ITS INVENTORIES AND CARRY ITS ACCOUNTS RECEIVABLE accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying  THAN TA NOW EXPECTS;

* IN THE PAST, INCREASES IN DIESEL PRICES HAVE REDUCED THE DEMAND FOR THE PRODUCTS AND SERVICES THAT TA SELLS BECAUSE SUCH FUEL PRICES ENCOURAGED FUEL CONSERVATION, DIRECTED FREIGHT BUSINESS AWAY FROM TRUCKING OR OTHERWISE ADVERSELY AFFECTED THE BUSINESS OF TA'S CUSTOMERS. FUTURE INCREASES IN DIESEL PRICES MAY HAVE SIMILAR AND OTHER ADVERSE EFFECTS ON TA'S BUSINESS;

* TA'S SUPPLIERS MAY BE UNWILLING OR UNABLE TO MAINTAIN CURRENT TERMS FOR TA'S PURCHASES ON CREDIT. IF TA IS UNABLE TO PURCHASE GOODS ON REASONABLE CREDIT TERMS Credit Terms

The conditions under which credit will be extended to a customer. The components of credit terms are: cash discount, credit period, net period.
, TA'S REQUIRED WORKING CAPITAL MAY INCREASE AND TA MAY INCUR To become subject to and liable for; to have liabilities imposed by act or operation of law.

Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court.
 SUBSTANTIAL LOSSES. FURTHER, IN LIGHT OF THE CURRENT CONDITIONS IN THE GLOBAL CREDIT MARKETS, THE AVAILABILITY AND TERMS OF CREDIT ARE UNPREDICTABLE AND UNCERTAIN . FAILURE TO OBTAIN ANY NECESSARY FINANCING ON REASONABLE TERMS WOULD ADVERSELY AFFECT TA'S ABILITY TO FUND ITS BUSINESS AND OPERATIONS;

* IF THE DIFFICULT U.S. ECONOMIC AND TRUCKING INDUSTRY CONDITIONS CONTINUE, WORSEN wors·en  
tr. & intr.v. wors·ened, wors·en·ing, wors·ens
To make or become worse.


worsen
Verb

to make or become worse

worsening adjn
 OR LAST FOR AN EXTENDED PERIOD, TA'S CUSTOMERS MAY PURCHASE LESS OF TA'S GOODS AND SERVICES In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax.  AND TA MAY SUFFER LOSSES; AND

* TA IS CURRENTLY INVOLVED IN SEVERAL LITIGATION An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute.

When a person begins a civil lawsuit, the person enters into a process called litigation.
 MATTERS. DISCOVERY AND COURT DECISIONS DURING LITIGATION OFTEN RESULT IN UNANTICIPATED RESULTS. LITIGATION IS EXPENSIVE AND DISTRACTING dis·tract  
tr.v. dis·tract·ed, dis·tract·ing, dis·tracts
1. To cause to turn away from the original focus of attention or interest; divert.

2. To pull in conflicting emotional directions; unsettle.
 TO MANAGEMENT. TA CAN PROVIDE NO ASSURANCE AS TO THE OUTCOME OF ANY OF THE LITIGATION MATTERS IN WHICH IT IS INVOLVED.

TA HAS PRODUCED PROFITABLE OPERATIONS IN ONLY TWO QUARTERLY REPORTING PERIODS SINCE IT BECAME A PUBLICLY OWNED Publicly owned can refer to:
  • Public company, a company which is permitted to offer its securities (stock, bonds, etc.) for sale to the general public, typically through a stock exchange
  • Public ownership, of government-owned corporations
 COMPANY ON JANUARY 31, 2007. ALTHOUGH TA'S PLANS ARE INTENDED TO CREATE PROFITABLE OPERATIONS, THERE CAN BE NO ASSURANCE THAT THESE PLANS WILL SUCCEED.

OTHER RISKS MAY ADVERSELY IMPACT TA, INCLUDING THOSE DESCRIBED IN TA'S ANNUAL REPORT ON FORM 10-K Form 10-K

A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information.


Form 10-K

See 10-K.
 FOR THE YEAR ENDED DECEMBER 31, 2008, UNDER "WARNING CONCERNING FORWARD LOOKING STATEMENTS", "ITEM 1A. RISK FACTORS" AND ELSEWHERE IN THAT REPORT AND UNDER "WARNING CONCERNING FORWARD LOOKING STATEMENTS" AND ELSEWHERE IN TA'S QUARTERLY REPORT ON FORM 10-Q Form 10-Q

See 10-Q.
 FOR THE QUARTER ENDED SEPTEMBER 30, 2009.

YOU SHOULD NOT PLACE UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS. EXCEPT AS REQUIRED BY LAW, TA UNDERTAKES NO OBLIGATION TO UPDATE OR REVISE ANY FORWARD LOOKING STATEMENTS AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.
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(1) Basic and diluted income per share for the three months ended September 30, 2008, have been adjusted to reflect the requirements of a new accounting pronouncement effective for TA beginning January 1, 2009.

These financial statements should be read in conjunction with TA's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2009, filed with the Securities and Exchange Commission.
[TABLE OMITTED]


(1) Basic and diluted loss per share for the nine months ended September 30, 2008, have been adjusted to reflect the requirements of a new accounting pronouncement effective for TA beginning January 1, 2009.

These financial statements should be read in conjunction with TA's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2009, filed with the Securities and Exchange Commission.
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(1) The leasehold improvement receivable amounts represent, as of the applicable dates, the then remaining, estimated discounted amounts of funds TA expected to receive, as of such dates, from Hospitality Trust in connection with TA's sales of qualifying leasehold improvements to Hospitality Trust under the lease with Hospitality Trust for TA branded travel centers, which provided for up to $125,000 of such sales without an adjustment to the amount of rent payable under that lease. The total remaining undiscounted amount available at September 30, 2009, was $10,272.

These financial statements should be read in conjunction with TA's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2009, filed with the Securities and Exchange Commission.
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SUPPLEMENTAL SAME SITE OPERATING DATA

The following table presents operating data for all of the travel centers in operation on September 30, 2009 that were continuously operated by TA since January 1, 2008. This data excludes revenues and expenses that were not generated by TA at sites it operates, such as sales made by TA's franchisees, rents and royalties from franchises and corporate level selling, general and administrative expenses.
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Publication:Business Wire
Article Type:Financial report
Date:Nov 9, 2009
Words:1962
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